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26 <br /> <br />over the issuer of industrial development bonds and over the <br />area in which any facility financed with the proceeds of <br />industrial development bonds is located must approve the <br />issuance of the bonds; and <br /> <br /> WHEREAS, the Authority issues its bonds on behalf of <br />the City of Charlottesville, Virginia (the "City"); the <br />Project is located in the City and the Council of the City <br />of Charlottesville, Virginia (the "Council") constitutes the <br />highest elected governmental unit of the City; and <br /> <br /> WHEREAS, the Authority has recommended that the Council <br />approve the issuance of the Bonds; and <br /> <br /> WHEREAS, a copy of the Authority's resolution approving <br />the issuance of the Bonds, subject to the terms to be agreed <br />upon, a certificate of the public hearing, and a Fiscal Impact <br />Statement have been filed with the Council; <br /> <br /> BE IT RESOLVED BY THE COUNCIL OF THE CITY OF <br />CHARLOTTESVILLE, VIRGINIA: <br /> <br /> 1. The Council approves the issuance of the Bonds by <br />the Authority for the benefit of the Company, as required <br />by Section 103(k) and Section 15.1-1378.1 of the Virginia <br />Code, to permit the Authority to assist in the financing <br />of the Project. <br /> <br /> 2. The approval of the issuance of the Bonds does <br />not constitute an endorsement to a prospective purchaser <br />of the Bonds of the creditworthiness of the Project or the <br />Company. <br /> <br /> 3. Pursuant to the limitations contained in Temporary <br />Income Tax Regulations Section Sf.103-2(f)(1), this <br />Resolution shall remain in effect for a period of one year <br />from the date of its adoption. <br /> <br /> 4. This Resolution shall take effect immediately upon <br />its adoption. <br /> <br />RESOLUTION: AUTHORIZING INDUSTRIAL DEVELOPMENT BONDS FOR ROBIN <br />LEE ELLIEWOOD AVENUE PARKING FACILITY <br /> <br /> Mr. Tom Lynch, representing the Piedmont Virginia <br />Property Group, requested approval of ~300,000 ~n industrial <br />development bonds to finance a parking deck on Elliewood <br />Avenue which would add 39 parking spaces to the existing lot. <br /> <br /> Council requested that an effort be made to make the <br />parking deck as attractive as possible. <br /> <br /> On motion by Dr. Gunter, seconded by Mrs. Gleason, the <br />resolution authorizing industrial development bonds for <br />Robin Lee - Elliewood Avenue pa~king facility was unanimously <br />approved by Council. <br /> <br /> WHEREAS, the Industrial Development Authority of the <br />City of Charlottesville, Virginia (the "Authority"), has <br />considered the application of Piedmont Virginia Property <br />Group (the "Partnership") requesting the issuance of the <br />Authority's industrial development revenue bonds in an amount <br />not to exceed $300,000 (the "Bonds") to assist in the <br />financing of the Partnership's construction and equipping of <br />a one-level parking deck for approximately forty cars (the <br />"Project") to be located on the west side of Elliewood Avenue <br />in the City of Charlottesville, Virginia, and has held a <br />public hearing thereon on April 30, 1985; and <br /> <br /> WHEREAS, Section 103(k) of the Internal Revenue Code <br />of i954, as amended, provides~that the governmental unit <br />having jurisdiction over the mssuer of industrial development <br />bonds and over the area in which any facility financed with <br /> <br /> <br />